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Tether’s USDT, a cryptocurrency pegged to the US dollar, has touched a market value of $120 billion for the first time, hinting at a potential cryptocurrency boom. As the largest stablecoin, USDT acts as a bridge between fiat currencies like the dollar and euros and digital currencies like Bitcoin. More circulation of stablecoins often implies increased crypto investing. A USDT surge could trigger the next Bitcoin rally, as seen in August when Bitcoin rallied by over 21% following an injection of $1.3 billion USDT.

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Tether’s USDT, a popular cryptocurrency pegged to the US dollar, has topped a whopping $120 billion in market value for the first time. This could be a sign that we are about to see a major cryptocurrency surge.

USDT, the world’s largest “stablecoin” (a type of cryptocurrency designed to keep a stable value, usually matching a specific fiat currency), hit this impressive milestone on October 20th, according to real-time data on the Tether website.

Stablecoins like USDT are effectively a bridge between normal money (like dollars and euros) and digital currencies (like Bitcoin). Seeing more of these stablecoins in circulation can often hint to a potential uptick in crypto investing. This is because investors often buy up stablecoins when planning to plow those funds into riskier digital currencies.

A surge in USDT in circulation could help kick-start the next Bitcoin rally. Take this past August as an example. Tether pumped out $1.3 billion of USDT within five days, right after Bitcoin had sunk to a five-month low of just over $49,500 on August 5. By August 9, aided by that fresh $1.3 billion USDT input, Bitcoin had jumped by over 21% to trade at $60,271, recovering from its earlier slump.

Stay tuned for more updates on this evolving matter.

Source: Cointelegraph